Oil futures soared in midweek trading on bullish US inventory data and signs of easing lockdowns around the globe that boosted expectations of an economic rebound following weeks of financial havoc unleashed by the Covid-19 pandemic.

US benchmark West Texas Intermediate (WTI) rose more than 27% to around $15.60 per barrel in early New York trading on Wednesday, capping a stellar comeback from a historic crash to -$37.63 per barrel on 20 April.

The more widely traded international benchmark Brent was changing hands at around $22.80